Investing When Opportunities Are Limited

Ben Inker, an associate of famed investor Jeremy Grantham, argues that both stocks and bonds are overvalued. So what's an investor to do?

Editor's Note: Jeremy Grantham has decided to take a break from his scheduled summer quarterly missive to investors. But we're happy to share the latest commentary of Ben Inker, who works alongside Grantham at GMO, the Boston-based money management firm. A longer version of this commentary, along with charts, is available on the GMO Website.

To investors focused on U.S. equities, it may be easy to forget the investing excitement of...